South Carolina and New York, February 28, 2022 – Syncarpha Capital, LLC (“Syncarpha”), a leading developer, long-term owner and operator in the distributed generation space focused on solar and storage, and Pacolet Milliken, LLC (“Pacolet”), a sustainability-focused, family-owned investment firm, today announced that Syncarpha has received a capital investment from Pacolet to accelerate the scaling of its renewable energy and storage platform in order to meet the growing clean power needs in North America.
Syncarpha is a New York-based renewable energy company dedicated to developing, owning and operating commercial and industrial, community solar and small utility-scale photovoltaic (PV) solar energy systems and battery storage systems throughout the United States. Co-founded by Cliff Chapman and Richard Turnure, the firm was launched to capitalize on the tremendous opportunities in the alternative energy sector and to create a vehicle for investing in assets with long duration, excellent credit quality and high risk adjusted returns.
“This is a compelling transaction that leverages our longstanding, successful relationship with Pacolet and helps position Syncarpha for substantial growth of its future project development pipeline, as well as execution of our near-term pipeline,” said Cliff Chapman, Chief Executive Officer of Syncarpha. “Syncarpha has a twelve-year track record of successfully developing solar and storage projects and bringing them online, on time and on budget. Pacolet has partnered with Syncarpha on substantially all of those opportunities and fully understands what it takes to be successful in today’s solar and storage market”.
“This transaction represents a significant next step in growing Pacolet’s sustainable infrastructure portfolio and meeting both our financial and ESG goals,” said William Crawford, Chief Executive Officer of Pacolet. “Looking ahead, we plan to dramatically scale the work we’re doing with our current and future partners as we all transition to a more sustainable, resilient and equitable future.”
Syncarpha began developing projects in 2009 with a focus on markets with net metering programs. Following the completion of its first five projects in New Jersey, Syncarpha became a first mover in the Massachusetts market, where the Company developed projects in the SREC I and II programs. As programs and policies progressed in other states, Syncarpha started developing in Arizona, North Carolina, Vermont, Nevada, New York and South Carolina. In the last few years, Syncarpha has also expanded into New Mexico and Minnesota and built solar plus storage projects under the Massachusetts SMART program. Most recently, Syncarpha has developed a significant portfolio of projects in Maine’s community solar program and expects to achieve commercial operation at the initial projects shortly.
“This latest investment is built on a long-term successful partnership we have had with Syncarpha. Syncarpha has been a great partner, and we continue to see our relationship strengthening as they grow the business and successfully execute their development goals,” said Ralph Walker, President of Energy Infrastructure at Pacolet. “Syncarpha has developed and constructed nearly 50 projects in its history, which today operate in ten states across the U.S. As a result, it has developed a deep understanding of markets, incentives, rules and regulations, and is well positioned as an early mover in emerging US markets.”
“Syncarpha’s sustainability goals align with our own, and it is a company that we are proud to be investing in. Having looked at a number of developers in the market and with our own experience developing solar and storage assets over the last few years, we feel Syncarpha is extremely well positioned amongst its peers and poised for growth. We look forward to our successful future together,” said Lance Jordan, SVP of Infrastructure Investments at Pacolet.
About Syncarpha Capital
Syncarpha currently operates 152 megawatts (MW) of ground mounted and rooftop solar assets in New Jersey, Massachusetts, New York, North Carolina, South Carolina, Nevada, Vermont, Minnesota, New Mexico and Arizona. Syncarpha developed and sold an additional 15 MW of ground-mounted solar assets in Massachusetts & New Jersey. Syncarpha has additional 30 MW of projects currently under construction in Massachusetts, Maine, and New Jersey.
Partnering with experienced solar developers, installers, engineers and EPC contractors, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses. The goal is to minimize risk and maximize return in an arrangement where total project success benefits all parties.
About PACOLET MILLIKEN
Pacolet is a leader in the institutional management of private investment capital. Headquartered in Greenville, SC., Pacolet is a family-owned firm that directly owns and manages real estate, and energy and infrastructure assets located across the United States. Pacolet Energy/Infrastructure owns a diverse set of power, renewables and infrastructure assets, including a regulated electric portfolio, an industrial utilities company and a substantial solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial, multi-family properties, and currently focusses on multi-family and industrial warehouse development in the Southeast, the Southwest and Southern California. In both Divisions, Pacolet seeks to positively impact the communities in which we operate and be a steward of our environment from a generational perspective.
